This week's buy-to-let deal of the week is an old favourite of mine - a townhouse in Tangmere. Tangmere is an area I often highlight as being close to Chichester and the A27, yet offers more 'bricks for your buck' than you find in the more expensive city of Chichester.
Townhouses such as this are often popular amongst tenants as they offer a good level of space - this house boasts 3 double bedrooms. That opens it up to professionals sharing the house but not having to squabble over who gets the box room, as well as modern families whereby the parents like to be on a separate floor to the children.
The house has just been reduced from £299,950 to £287,000, which now means it is a favourable price compared to other townhouses in Tangmere that have recently sold and/or are currently for sale.
I don't often like suggesting a rental value of £1,050pcm as you lose a big audience of people who will select £1,000pcm as their maximum level on the portals (e.g. Rightmove). But, I feel this houses good presentation and modern kitchen & bathroom, as well as having the all important gas central heating and double glazing, warrants a little more than £1,000pcm but not quite the £1,100pcm I suggested for a similar townhouse in Tangmere back in April, which benefitted from a bit more space and a garage.
Interestingly, I've found the house is available on the Help to Buy scheme as it is currently a shared ownership property. The details of that are here, but it shows the house as being available with a 40% share for £120,000, which would then mean a monthly rent of £355pcm for the 60% you don't own - which is a very generous rent indeed! (60% of the full market rent would be £630pcm).
It would make a good property purchase for a homeowner or a buy-to-let landlord looking for a reasonably low-maintenance property purchase, such is the age and condition of this property.
It is on the market with Henry Adams and full details can be found on Rightmove via the following link:
http://www.rightmove.co.uk/property-for-sale/property-60745609.html
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